Starbucks loses $11 billion in market value amid boycotts

(Photo: June Andrei George, Unsplash)
NEW YORKStarbucks Corp’s market value has recorded a $10.98 billion decline in value amid a large-scale boycott campaign due to the brand's association with the Zionist regime in Israel. اضافة اعلان

According to Newsweek, a combination of boycotts, staff strikes, and a lukewarm holiday promotion resulted in a “perfect brew” that has sent its stock plummeting 7.82 percent in the last month.

The decline represents the longest losing streak for the global coffee brand since its initial public offering in 1992 leading to investors to withdraw.

The origin of the boycotts at the chain began with a tweet from Starbucks Workers United, the union representing many baristas, expressing solidarity with Palestinians. The company's swift response triggered a series of boycotts, with calls for action resonating across social media. Legal actions against the union have further intensified the debate.

This has occurred in conjunction with staff strikes, seeking improved staffing, scheduling, and negotiations over contracts. Strikes and boycotts also reportedly hampered “festive Red Cup Day”, usually a promotional high for the company, as staff walkouts disrupted services at almost 200 stores and coffee houses experienced a significant drop in traffic.   

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